By Ian Roache

DUNDEE FOOTBALL Club’s creditors will collectively be offered a quarter share of future transfer income as part of proposals put forward by administrator Tom Burton.

Mr Burton has delivered letters on behalf of his company Ernst & Young to those due cash from the club when it went into administration last November, asking them to accept a pennies-in-the-pound settlement.

He has called a creditors’ meeting for May 26.

If, as expected, he gets his way the Dark Blues will avoid the imposition of a 10-point penalty by the SPL for being in administration past the end of the month.

And, in a bid to ease a little bit of the financial pain, a plan is in place that will see some of the revenue from future sales go to those who have lost money as a result of the club’s woes.

In a statement delivered yesterday, Mr Burton said, “The issue of these proposals marks the start of the process of bringing the club out of administration.

“This means that we will avoid the 10-point penalty for next season and will be able to sign players without restriction as and when finances allow.

“The central part of the proposals is that preferential and unsecured creditors will retain a 25% share from future player sales proceeds in the close season and the January transfer window.

“It is not possible to predict the eventual outcome for creditors with any certainty—particularly since the transfer market in Scotland is at an all-time low.

“However, there is little other prospect of ordinary creditors receiving a dividend in this case. As we warned in our initial report to creditors the dividend prospects are minimal.

“Despite this we hope that creditors will support the CVA and in doing so, continue to demonstrate their understanding of the importance of this club to Dundee.

“It should also be stressed that the alternative would almost inevitably be the liquidation of the club.”

And there was further warning to fans not to think the job is done and the club’s future secured.

Instead, Mr Burton echoed chief executive Peter Marr’s call for season tickets to be snapped up.

“The business plan for the next two years has a fundamental assumption that the club will sell a minimum of 3600 season tickets each year,” added the administrator.

“This was what the club achieved before the commencement of the current season.

“I appreciate that fans have been asked to dig deep many times this year but we need them to do so again.

Season ticket prices will be announced shortly—possibly as early as next week—but Mr Burton confirmed that he has shelved the “early bird” scheme.

“We hope that supporters understand that the club is not in a position to discount season tickets this year but we will be announcing an easy payment plan which might help some supporters,” he said.